Requires certain local government community benefit agreements dedicate resources for affordable housing purposes.

This bill requires New Jersey counties and municipalities to dedicate at least 50% of cash payments exceeding $100,000 from community benefit agreements toward affordable housing. Community benefit agreements are binding deals where developers pay local governments for project approvals, often in exchange for community resources. The bill mandates that half or more of these large payments must fund the creation or rehabilitation of low- or moderate-income housing, as defined by existing law. It applies to all such agreements entered into after the bill’s effective date.